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Lesson I

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6 views

Lesson I

Uploaded by

Kent Tazdiz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Business Marketing

Marketing – refers to activities a


company undertakes to promote the
buying or selling a product or
service.
Marketing includes advertising,
selling and delivering products to
consumers or other businesses.
ENTREPRENEURSHIP
ENTREPRENEURSHIP
ENTREPRENEURSHIP
ENTREPRENEURSHIP
Kinds of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Importance of Entrepreneurship
Importance of Entrepreneurship
Importance of Entrepreneurship
Marketing Mix (8 P’s of marketing)

Marketing mix is a combination of


factors that influence each other and
affect who you market to, when, and
hence why it is called a mix.
Marketing Mix (8 P’s of marketing)

It provides broad levels for any business to


build the right product, in the right place, at the
right time, at the right price.
Product
Your product is a tangible item or a solution, service,
or experience. Although you probably believe your
product is worthwhile, conduct market research to
decide what customers want or need and to determine
what makes your product unique.
Product

Make decisions with the customer in mind as you


consider the design, technology, packaging,
branding, quality, experience, and ease of use.
Product
You can determine the sustainability of your product by visualizing the
product life cycle. Plan for growth, maturity, and potential sales decline
using a decision tree template.

If you do this before you go to market, you can better anticipate and
mitigate potential challenges after your product goes to market.
Price

Your price is influenced by many factors, such as manufacturing and distribution


costs, competitors, and customer perception.

Determine how to structure your pricing based on these factors, but also
determine if there will be flux in order to gain additional particular target groups.
Price

Remain flexible, because over time your initial price will inevitably change in order to
yield maximum profits and match the quality of the product.
Place

Place refers to the locations where your products can be purchased or accessed. For example, you may offer certain products in a
retail store while others are only offered online.

Or, maybe customers need to sign up for a cloud-based platform, install software, or download a mobile app. Offer your product in
the most convenient way possible, as its success may be contingent on the complexity and length a customer has to go to get it.
Promotion

Promotion is how you communicate your product or service to customers. It involves everything from advertising to sales
strategies to public relations, email, social media, and more.

While the goal is probably leads and conversions, don’t underestimate opportunities for user engagement and brand and
product education.
Promotion
Decide how you plan to promote and maximize the visibility of your product, but don’t feel the need to plan all your promotions
at once.

As your product grows and evolves, so will your promotion strategy. You can apply any of the Ps at any stage of your marketing
strategy, not just for initial launches.
People

The people component encompasses all the people who work on and sell the product or service, but also those who assist customers. Your
employees are the primary group and will likely be made up of management, sales, and customer service.

For example, if your product requires a multi-step download and install on a specific operating system, you will want to establish a
customer support team.
Process

The process is the steps to deliver the product to the customer. Within your organization, review how efficiently work is completed and managed.

For example, you might look at sales processes or even your go-to-market plan.
Whether you are refining your current marketing mix or launching a new one, there are always opportunities to make business process
improvements.
Physical evidence

Physical evidence can take on two forms. First, it can indicate that a service took place, such as packaging, receipts, tracking methods, paperwork,
and invoices. This is important for documentation purposes and best practices.
Physical evidence

Another form of evidence is visible parts of your business that a customer sees prior to buying or engaging with your product.

This includes signage, brochure, website, and advertising. Well-crafted and strategic branding can improve your physical evidence and set you apart
from your competition.
Performance

While this element is newer, it tends to set the good products and businesses from the great ones, even those with well thought out marketing mixes.
Performance should be focused on identifying your Key Performance Indicator and defining what success looks like, but also on knowing when to make changes.
Great companies and products are continuously improving and making decisions in order to do better and deliver the best to customers. Look beyond barely
hitting benchmarks and outperform instead for your business, for your employees, and for your customers.

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